MicroStrategy (MSTR), the world’s largest corporate Bitcoin (BTC) holder, once again gathered significant attention from crypto enthusiasts. On November 18, 2024, Michael Saylor, the founder and chairman of MSTR made a post on X (formerly Twitter) that the firm had acquired a significant 51,780 BTC, worth $4.6 billion.
MicroStrategy’s $4.6 Billion Bitcoin Purchase
This acquisition took place when BTC was trading near $88,627. As of now, MicroStrategy’s BTC holding increased to 331,200 with an average price of $49,874.
MicroStrategy’s recent acquisitions will potentially attract whales, investors, and retailers, as they presented a potential buying opportunity despite BTC’s price.
At press time, BTC is trading near $89,770 and has experienced a price drop of over 1.10% in the past 24 hours. During the same period, its trading volume increased by 22%, indicating heightened participation from traders and investors despite the price consolidation.
Bitcoin Technical Analysis and Upcoming Level
According to expert technical analysis, BTC has been consolidating in a very tight range between $86,000 and $91,870 for the last six days. However, technical indicators such as the 200 Exponential Moving Average (EMA) and Relative Strength Index (RSI) suggest a potential upside rally in the coming days.
Based on recent price action, a breakout from the consolidation zone will determine BTC’s direction in the coming days.
If the asset breaches the upper level of the consolidation zone and closes a daily candle above the $91,870 level, we may see notable upside momentum. Conversely, if BTC breaches the lower boundary of the consolidation zone and closes a daily candle below the $86,000 level, we may see a price decline to $80,000 or even lower.
